Solana is having its day, with the SOL token surging over 14% in the last 24 hours alone.
The token’s price rise provides a much-needed boost to the crypto market after a week of choppy and indecisive trading.
Helping to fuel Solana’s momentum is the impending debut of Slothana (SLOTH) – the massively publicized new meme project just nine days away from a DEX listing.
SOL surges 14% as token shows revived bullish momentum
SOL is now trading at around $145 at the time of writing.
The token’s rise completely erased the losses suffered in the previous three lackluster sessions – and then some.
While most traders were concerned about Solana’s ability to hold the $127 support zone, the buying pressure that has arisen here has been intense.
Spot volumes jumped 21% as the token moved back above its 20-day exponential moving average (EMA) on the 4-hour chart.
Now, SOL holders are looking towards the $155 level as the next major resistance area.
This area is now at less than 7% – and SOL shows no signs of slowing its momentum.
If the token rises above $155, it could pave the way to the key psychological level of $200.
Conversely, a rejection that sends SOL below $130 is also possible.
Either way, it’s clear that SOL is seeing bullish momentum – and traders are eager to see how long it can last.
Crypto Market Rebounds Ahead of Bitcoin Halving Event
Solana’s rebound is supported by a broader recovery in the crypto market.
Over the past 24 hours, we have seen a significant return of buying momentum after a period of decline.
Both major coins saw significant rallies, with Bitcoin up almost 6% and Ethereum posting a 4% gain.
Fueled by this positive sentiment, the total crypto market cap has regained the level of $2.35 trillion, an increase of 5% from yesterday.
The price surge was accompanied by a 10% increase in spot volumes across all digital assets.
This indicates that the rally is covered not just by short covering, but rather by new capital flowing back into cryptos.
While it is difficult to pinpoint the exact catalyst, many believe it is the impending Bitcoin halving event that will help revive tempers.
With less than 24 hours until supply tightens, traders could be positioning themselves for the types of rises that followed previous halvings.
Whatever the reason, there is no doubt that some uncertainty has passed – at least temporarily.
Solana’s SLOTH Meme Coin Nears IPO Debut After $10 Million Raise
Although the positivity of the market as a whole has contributed to SOL’s rise, the token’s outperformance could have additional consequences thanks to a highly anticipated project: Slothana.
The meme coin that recently took the crypto world by storm is set to debut on DEXs.
The SLOTH token will officially be released to the open market in just nine days after a very successful presale of over $10 million.
For those who missed the initial mania, this likely represents the last chance to get in early before SLOTH begins trading freely.
And if Slothana’s social media activity is anything to go by, demand could peak on listing day.
Slothana’s Twitter now has over 20,000 followers – with some recent tweets having over 200,000 impressions.
Additionally, Slothana has been referenced by a steady stream of YouTube influencers, including ClayBro.
It’s clear that Slothana has harnessed the speculative energy that can propel even the most bizarre tokens to cult status in an instant.
Whether the madness is justified or not, the hype alone could be enough to spark an explosive debut for SLOTH in less than two weeks.
Visit the Slothana presale
reference: watcher.guru